企业集团财务危机传染与治理效应研究

Research on Financial Crisis Contagion and Governance Effect of Enterprise Group

针对企业集团成员上市公司财务危机风险传染问题,研究了我国企业集团内部是否存在财务危机传染效应及治理效应,并进一步探讨了企业集团内部财务危机传染路径。研究发现,企业集团的财务危机传染效应确实会伴随着集团内部成员企业财务危机的发生而出现;集团良好的控制制度和资本市场效率可以降低财务危机传染效应,而高管兼任人数会增加财务危机传染效应。进一步研究发现,企业集团财务危机通过增加商品与劳务关联交易、资金与担保类关联交易和负债融资成本来进行财务危机传染。

As for the risk contagion of listed companies within enterprise groups, this paper studied whether there exists the financial crisis contagion and governance effect in the enterprise groups. Further, it discussed the path of the contagion. Results showed that there was indeed a contagion effect of financial crisis when a listed company of an enterprise group shows financial crisis. It was found that the financial crisis contagion can be reduced by improved the internal capital market efficiency and optimized the internal control system, but can be pushed by the number of the executive concurrently. Further study found that, enterprise group financial crisis was contagious by increasing the related transactions of goods and services, the related transactions of funds and guarantees, the cost of debt financing.